With Prime Minister Mark Carney and BCC Chair Tracy Robinson/BCC

By Goldy Hyder

May 11, 2025

As I reflect on a significant week in Canada-U.S. relations, I am grateful and hopeful — despite the obvious challenges we are facing.

That our Business Council of Canada members’ meeting in Washington coincided with Prime Minister Mark Carney’s visit to the White House was unplanned, but also a fortuitous opportunity.

Prime Minister Carney is obviously known to, and respected by, business leaders. For him to make the time to do a meet-and-greet proves that he recognizes the role large private-sector companies play in Canada, and in our broader economic relationships around the world — particularly in the United States.

BCC Board Chair Tracy Robinson and I were grateful to have had an opportunity, on behalf of our members, to share our perspectives on both how to stabilize the relationship with the United States and how we can work together to strengthen Canada.

Canada’s business leaders are ready to do their part, but the right policy environment must first be created before capital can be deployed with confidence. This is not a time for ideological purity. Rather, it is a time for policy pragmatism. Change is demonstrated with actions.

Meanwhile, our discussions with representatives of the Trump Administration and those who influence it — including Treasury Secretary Scott Bessent and Senator Lindsey Graham, among others — allowed us to hear their unique perspectives and learn how things can move forward.

With United States Secretary of Treasury Scott Bessent/BCC

We heard a lot about both national security and economic security. The phrase “Fortress North America” was repeated many times by multiple officials. We heard the importance of the arctic and need for a ‘golden dome’ to protect our two countries. And, we heard about the importance of Canada’s natural resources. There is much common ground and partnership to build on in each of these areas.

South Carolina Senator Lindsey Graham/BCC

Sooner rather than later, it will mean finding a path forward to review and extend the USMCA. We would all benefit from the greater confidence that the start of the formal review process would provide, as it would help restore economic growth on the continent.

With Larry Kudlow, Fox Business & Former Director of National Economic Council under President Trump/BCC

The road ahead will not be an easy one. Striking the right balance of stabilizing our relationship with the United States while also using this moment to finally build trade enabling infrastructure to diversify our markets could prove difficult.

Reaffirming our economic partnership with the United States and Mexico through the extension of the USMCA must be paired with a renewed effort to increase exports to other trading partners around the world.

We need to remember that in some respects we do want to be more integrated with the U.S. – in terms of regulatory alignment, permitting reform for the approval of cross border infrastructure networks, and labour mobility for example. What we do not want is to become more dependent on the U.S. or any other single country.

Let us work genuinely and sincerely in partnership as Canadians to take control of our destiny with our eyes wide open as to what is at stake here.

 Goldy Hyder is President and CEO of the Business Council of Canada.